Auto insurance can be a little confusing to some people because it has several components that affect the pricing of coverage, not to mention additional coverage options like roadside service and rental car reimbursement that help in the case of vehicle breakdown or the need for a rental car but also increase the premium. It’s a good idea for people to review their insurance policy and pricing every year to make sure they have what they need, and to see if they qualify for additional discounts. Nationwide offers many discounts to help ensure that members are getting the best insurance rate.

Here are 5 ways to help lower auto insurance rates:

Bundling policies

Insurance companies can offer greater discounts when bundling policies. A multi-policy discount is offered when the member has more than one kind of policy with the same insurance company. That might include insurance policies for home/renters, auto, life or other vehicles (such as motorcycles or boats). In addition to a premium discount, keeping multiple policies with one company makes life simpler.

Going paperless

It’s easy for policyholders to feel like they’re drowning in paper. Mail comes in and often gets put into piles. Bills can get misplaced and then paid late, resulting in extra fees or loss of service. Nationwide’s customers can take advantage of several easy ways to automatically pay insurance bills at convenient intervals, without having to deal with snail mail. Nationwide even makes a recurring discount available to some policyholders who sign up for paperless documents.

Raising the deductible

A deductible is a specified amount of money the policyholder must pay out-of-pocket before the insurance company covers a claim. There’s a correlation between the deductible amount and the insurance premium. Usually, when the deductible is higher, the monthly insurance premium is lower. It’s a tradeoff between paying a little less now in the monthly premium, but more out of pocket if there is a claim.

Reviewing current coverage limits

It’s helpful to evaluate the coverage limits on all insurance policies. Many people prefer to have more than the state minimum coverage on a policy, even though they pay more for it. The added coverage gives customers peace of mind knowing they have the maximum protection from their insurance policies.

See the original article by Nationwide here: https://blog.nationwide.com/how-to-save-money-on-car-insurance-jsp/

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